§17–103.

    (a)    This section applies to bond sale proceeds and other money that are:

        (1)    subject to arbitrage, rebate, or similar limitations under federal tax law; and

        (2)    in the custody or control of the controller, director of finance, or similar official of a charter county or Baltimore City.

    (b)    Notwithstanding any other law, the controller, director of finance, or similar official of a charter county or Baltimore City may:

        (1)    invest and reinvest bond proceeds and other money to which this section applies:

            (i)    in bonds, notes, or other obligations that are:

                1.    of investment grade quality as established by a nationally recognized rating agency; and

                2.    issued by or on behalf of a state or a unit, political subdivision, public corporation, special district, or authority of a state; and

            (ii)    directly or through a trust or fund that restricts investments to obligations of investment grade quality; and

        (2)    sell, redeem, or exchange an investment or reinvestment made under item (1) of this subsection.